Why Tennessee's economy has grown for 27 straight quarters

NASHVILLE – Tennessee’s economic dashboard continues to point toward “significant growth” in 2018, according to a recent Tennessee Quarterly Business and Economic Indicators report released by the Secretary of State’s office.

The office is basing its findings on new business filings.

The office says there were 10,888 new entity filings in the first quarter of 2018, a 14.3 percent increase over the same time period last year.

“This denotes the 27th consecutive quarter of positive year-over-year growth,” the report said. “As of June 1, there were 282,982 active entities in Tennessee, representing a 5.9 percent increase compared to the second quarter of 2017.”

Tennessee Secretary of State Tre Hargett noted: “This strong growth shows that Tennessee’s economy continues to thrive. Companies are continuing to choose Tennessee as a destination to do business because of the friendly business climate.”

Limited liability corporations (LLCs), according to the office, account for nearly two-thirds of all new filings, increasing by 20 percent.

Shelby County led the way among the state’s four largest counties with 18.8 percent growth in initial filings. Hamilton County came in second at 11.5 percent with Davidson County trailing just behind at 11.4 percent. Knox County saw an 8.1 percent increase. The four counties accounted for 6,306 new entity filings during the first quarter of 2018, which is a 13.3 percent increase compared to the same time in 2017.

The report issued no data for Sullivan or Hawkins counties.

Tennessee’s unemployment rate remained unchanged from May to June at 3.5 percent. The state’s unemployment rate remains below the U.S. rate of 3.9 percent.